<br><br> <br>Page 1 of 1 <br>78.534 Participation of qualified circuit clerks and deputy clerks -- Transfer of <br>service credit. <br>(1) On and after August 1, 1996, each circuit clerk and deputy clerk who was a member <br>of the Kentucky Employees Retirement System on July 31, 1996, each former <br>circuit clerk or former deputy clerk who is vested in the Kentucky Employees <br>Retirement System for service as a circuit clerk or deputy circuit clerk and who has <br>not yet begun to draw benefits, and each circuit clerk or deputy clerk thereafter <br>taking office shall participate in the County Employees Retirement System by <br>appropriate order authorizing participation pursuant to KRS 78.530. Upon <br>participation, each member shall be bound by the terms and requirements of the <br>County Employees Retirement System and shall receive the benefits. <br>(2) On July 31, 1996, the Kentucky Employees Retirement System shall transfer to the <br>County Employees Retirement System for each member transferred pursuant to <br>subsection (1) of this section the amount of his service credit in the Kentucky <br>Employees Retirement System earned as a result of his service as circuit clerk or <br>deputy clerk. The Kentucky Employees Retirement System shall also transfer for <br>each member affected a dollar amount equal to the member's and employer's <br>contribution attributable to that service credit, together with interest on the <br>contributions from the date made to the date of transfer at the actuarially assumed <br>interest rate of the Kentucky Employees Retirement System in effect at the time the <br>contributions were originally made, compounded annually at the same interest rate. <br>The member shall be entitled to the transferred service credit when he pays the total <br>difference, if any, between the amount of the funds transferred by the Kentucky <br>Employees Retirement System and the cost of the credit to the County Employees <br>Retirement System, as determined by the board's actuary. <br>(3) The transfer of a member's service credit from the Kentucky Employees Retirement <br>System to the County Employees Retirement System, in accordance with this <br>section, shall terminate any credit in the Kentucky Employees Retirement System <br>earned for service as a circuit clerk or deputy clerk. However, any credit a member <br>has in any other retirement system, earned for service in any capacity other than a <br>circuit clerk or deputy clerk, shall not be affected. No person shall attain credit in <br>more than one (1) of the retirement systems mentioned in this section for the same <br>period of time. <br>Effective: July 15, 1996 <br>History: Created 1996 Ky. Acts ch. 31, sec. 3, effective July 15, 1996. <br><br>